Research Update: WPP Group Lowered To 'BBB' On Completion Of Taylor Nelson Sofres Acquisition; Outlook Stable Nov 08

Standard & Poors, November 2008

Abstract
On Nov. 10, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on WPP Group PLC and related entities to 'BBB', following the group's successful acquisition of over 95% of market research company Taylor Nelson Sofres (TNS; not rated) for a total consideration of about -1.4 billion. The short-term ratings are affirmed at 'A-2'. The outlook is stable. At the same time, we removed the long-term ratings from CreditWatch with negative implications, where they were placed on May 7, 2008. The downgrade mainly reflects the significant increase in financial debt and leverage resulting from WPP's acquisition of TNS that will not be commensurate with 'BBB+' ratings once the funding for the acquisition is...

Companies mentioned in this report are: WPP 2008 Ltd.,WPP Finance (UK),WPP CP Finance PLC,WPP 2005 Ltd.,WPP Finance S.A.
Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

WPP 2008 Ltd.,WPP Finance (UK),WPP CP Finance PLC,WPP 2005 Ltd.,WPP Finance S.A.

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